02/21/2005
I need to know if there are deadlines for filing UCCs. Does this vary from state to state? Is there a place I can go to get details on the specific requirements for filing UCCs and if there are any stipulations or restrictions?
08/02/2004
The filing period of a financing statement is 5 years and one of the exceptions is "Cooperative Filing - effective 50 years." For example, if we (the bank) had granted a 15-year co-op mortgage loan to the customer several years ago and filed a UCC-1 on the unit at that time, would this UCC filing be effective for 50 years and would we not have to file a continuation every five years?
08/02/2004
To perfect a lien on crops, where should we file? Several seminars have said to file at the state; however, our bank does not feel comfortable not filing a lien at the county level.
02/23/2004
Is a signature necessary on a UCC-1 filing if we have obtained the borrower's signature on the loan for that particular item? Someone had informed us that it was not necessary.
08/18/2003
My borrower is a general partnership. They have registered a fictitious name for their partnership. Under UCC article 9 do I record UCC documents under the fictitious name of the business or the individual partner names?
07/07/2003
What are the requirements to perfect a security interest in a life insurance policy? We are going to get an Assignment/Acknowledgment from the insurance company, but do we need to file a UCC-1 on the policy itself?
05/05/2003
On a renewal of an existing loan using crops as collateral, a new security agreement is required. Is it necessary to file a new UCC? The UCC filed when the loan was originally done (along with the original security agreement) is good for 5 years, so why would it be necessary to file a new UCC every year even though a new security agreement is required every year?
04/14/2003
With the Revised Article 9 would you suggest to continue getting property and legal descriptions for Agricultural or crop loans on state filings and security agreements?
12/02/2002
It has been a few years since I personally looked at the UCC forms since their revision. I see that no signatures are required on the form. Since most lenders are lax in filing termination, in the case of a refi, can the new lender simply file the terminations?
08/19/2002